 \textit{Panel A: Output elasticities}    &  \multicolumn{2}{c}{log(Revenue)}   &  \multicolumn{2}{c}{log(Output)}  &  \multicolumn{2}{c}{log(Output)}   \\     
                    &\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}&\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}&\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}\\
 \hline   &&\\   
log(Labor)          &       1.182&       0.249&       1.532&       0.165&       0.723&       0.329\\
\addlinespace
log(Materials)      &       0.528&       0.105&       0.522&       0.092&       0.186&       0.181\\
\addlinespace
log(Capital)        &       0.139&       0.043&       0.133&       0.032&       0.146&       0.060\\
\addlinespace
Serial correlation  &       1.001&       0.072&       1.000&       0.000&       0.846&       0.146\\
    &&\\ Method &  \multicolumn{2}{c}{R.P.F.}   & \multicolumn{2}{c}{$\rho = 1$}    & \multicolumn{2}{c}{Time trend}      \\  Hansen J-test &     \multicolumn{2}{c}{.522} &   \multicolumn{2}{c}{4.54} &  \multicolumn{2}{c}{4.16}\\  Hansen J-test p-value &  \multicolumn{2}{c}{.469}  & \multicolumn{2}{c}{.208} & \multicolumn{2}{c}{.041} \\ Observations &  \multicolumn{2}{c}{4001}   & \multicolumn{2}{c}{4005}   & \multicolumn{2}{c}{4005}  \\&&& \\ \hline  
 \\ \textit{Panel B: Markups }         
                    &\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}&\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}&\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}\\
 \hline  &&\\   
Average markdown    &       1.972&       0.412&       1.684&       0.335&       2.231&       3.030\\
\addlinespace
Average markup      &           .&           .&       1.820&       0.412&       0.649&       0.686\\
  &&\\   \hline    
